Paul Gavan (Sinn Fein) | Oireachtas source

I move amendment No. 21:

In page 22, between lines 20 and 21, to insert the following: “(2C) The Minister shall, within the 2 years following the commencement of this section, lay a report before both Houses of the Oireachtas detailing—

(a) the level of effective implementation of the designation of persons who perform a controlled function,

(b) the effectiveness of the identification and designation of persons who perform a controlled function,

(c) the potential to expand the range of functions under this designation, and

(d) the extent to which there may be persons not currently designated as persons who perform a controlled function but who exert significant influence in relation to decisions on the performance of a controlled function and how this may be reflected in any future revision of this enactment.”.”.

Amendment No. 21 would require the Minister, within two years following the commencement of this section, to lay a report before both Houses of the Oireachtas detailing the following: the level of effective implementation of the designation of persons who perform a controlled function; the effectiveness of the identification and designation of persons who perform a controlled function; the potential to expand the range of functions under this designation; and the extent to which there may be persons not currently designated as persons who perform a controlled function but who exert significant influence in relation to decisions on the performance of a controlled function and how this may be reflected in any future revision of this enactment. That is possibly the longest sentence I have said in the Seanad Chamber.

The amendment seeks to address a concern we have, that is, there may be persons who might not be designated as persons who perform a controlled function but who may have significant influence on financial processes. My colleague, Senator Higgins, previously raised a similar issue about limited liability during the debate on the Investment Limited Partnerships (Amendment) Act 2020. I am seeking clarification around accountability where people fall outside a designation but do have significant influence.